Credit limit

What is a credit limit?

A credit limit is the amount of borrowed funds on a card that you can use for your own purposes. In the case of a credit card, the limit is revolving. This means you can use it again after fully repaying the debt.

Another feature of the credit limit is that it is non-targeted. This means you can spend it on anything: paying for goods and services, withdrawing cash and making transfers, or paying off debt in other banks.

What determines the size of the credit limit?

The size of the credit limit is almost always determined by scoring, based on an analysis of compliance with the bank's requirements. By and large, you cannot influence the amount of available funds, as factors beyond your control are taken into account:

1. Your age. If you have just turned 18 or are already approaching retirement age, your credit limit will be minimal—this is how the bank protects itself against potential defaults.
2. Your salary amount. The lower it is, the smaller the available amount.
3. Debt load. If, in addition to the credit card, you also have consumer and merchandise loans, the amount of available funds will be kept to a minimum.
4. Type of employment. If you are employed informally and cannot confirm your salary, trust in you will be minimal. Conversely, if you work under an employment contract and can provide an income certificate, the credit limit amount will be higher.

In addition, the size of the credit limit depends on the documents you can provide. With just a passport, you can get no more than 50-100 thousand RUB. 

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What can the credit limit be?

When opening a credit card promo, you may see the advertised limit. As a rule, it does not exceed 500 thousand RUB—for certain products, it can reach 700 thousand RUB, but this is rather an exception.

The promotional credit limit very rarely matches the real one. It is implied that the maximum amount is available only to the most attractive clients—those receiving their salary to an account opened with that bank, having a high income, having savings, etc.

For a regular, average borrower, banks can approve an amount from 10 to 50 thousand RUB with just a passport, and up to 200 thousand RUB with proof of income and employment.

How to make the bank increase the available amount?

To make the bank increase your starting credit limit, you must prove that you are a responsible borrower and can pay off the debt in any situation without delays. To do this, you can:

• pay off all existing loans and close other credit cards — this will reduce your debt load;
• request a credit limit increase from the bank by providing proof of income;
• use the card more often while paying off the debt without delays.

You can also transfer your salary to the bank that issued your credit card. As a rule, credit institutions are more loyal specifically to payroll clients. 

In what case will the bank decrease the credit limit?

Banks very rarely reduce credit limits, especially if the borrower always pays off card debt on time. Nevertheless, credit institutions sometimes still lower the limit in the following cases:

• if the cardholder regularly violates the terms of the agreement;
• if the borrower allows debt to accumulate — for example, by failing to make minimum payments;
• if the client applies for another credit product, thereby increasing their debt load;
• if the cardholder uses the card only to cash out borrowed funds;
• if the borrower does not use the credit card at all.

With a high probability, the bank will restore your previous credit limit if you regain its trust.

How to use the credit limit for free?

You can use borrowed funds for free only within the grace period — its terms depend on the specific credit institution. Here are a few examples:

1. "Card of Opportunities" from VTB. The maximum grace period for this card is 110 days. It applies to all types of operations, including cash withdrawals and transfers. To use borrowed funds without paying interest, the client must make monthly minimum payments and fully pay off the debt no later than 110 days from the start of the billing period.
2. "A Whole Year Without Interest" from Alfa-Bank. For new borrowers, the grace period is one year. To avoid paying interest during this period, the cardholder must pay for goods no later than 30 days from the date of signing the agreement and make regular minimum payments. The grace period applies only to cashless purchases and the repayment of loans opened in other banks.
3. "Opencard" from Otkritie. The grace period for it is 120 days. It applies only to the cashless payment for goods and services. For withdrawing money from the account or for transfers, the client will need to pay an interest rate for using the funds at 39.9% per annum.

What is the difference between a credit limit and an overdraft?

When applying for a debit card, you may encounter a concept like "overdraft." For clients who are not very familiar with banking terms, it might seem similar to a credit limit, but that is not entirely true.

Let's talk about the difference between a credit limit and an overdraft:

1. The overdraft amount is quite limited — often its size does not exceed half of the average monthly salary. Much less frequently, it can reach 100% of the monthly salary. But a credit limit, as we mentioned above, can even be 700,000 RUB.
2. Overdraft repayment happens automatically — as soon as the required amount arrives in your card account. You can pay off credit card debt over the course of several months.
3. As a rule, the bank connects the overdraft automatically if provided for by the terms of the agreement. However, you need to submit an application to get a credit card.
4. To connect an overdraft, you do not need to provide proof of income — banks usually analyze inflows to your payroll card themselves and set the limit.

Answering frequent questions

Finally, we will answer the most frequently asked questions on the topic of the article.

Who makes the decision on the card's credit limit? Can I influence it?

In almost all Russian banks, an automated system makes the decision on the credit limit. It analyzes information on new and existing clients and automatically increases the available amount if the cardholder meets the program's requirements.

By the way, employees of the credit institution do not have access to this system, so you cannot influence the decision.

How to find out your credit limit?

You can find out the amount available to you online — in your online banking personal account or mobile app. In addition, you can clarify the information by calling the hotline or visiting a branch of the credit institution.

My credit limit was cancelled. Why?

This could happen, for example, if you did not make payments on your existing debt for a long time. The bank stopped seeing you as a reliable borrower and therefore cancelled the credit limit.

If you responsibly made payments on your credit card and never missed a deadline, contact bank support — a technical error may have occurred.

Can I avoid paying off the debt in a single payment?

If your debt exceeds the minimum payment, you can make payments in parts. The bank will not charge penalties or fines as long as your payments are not lower than the mandatory payment. As a rule, it is equal to 3% of the total debt amount.

Can I withdraw cash from a credit card?

You can withdraw cash or make transfers in any case. Most banks charge a commission for such operations. In addition, the interest rate for cash withdrawals and transfers will be significantly higher — up to 60% per annum.